Steel group announce John Severs departure and report profit rise of 54% in 2006

John Severs, the founder and group managing director of listed steel giant Severfield-Rowen, is to step down from the company鈥檚 board later this year.

Tom Haughey, currently a director at the firm, will be appointed as chief executive officer following Severs鈥� departure. Peter Emerson, also a current director, will become chief operations officer.

Severs will remain as a consultant to the group for three years after his departure.

Severfield-Rowen also announced its full year results this week, reporting a pre-tax profit rise of 54% to 拢30.3m for the year to 31 December 2006. Turnover rose 24% to 拢295.1m from 拢236.7m across the same period, as the company was boosted by strong demand for large structural steelwork projects.

Peter Levine, chairman said: 鈥淪everfield-Rowen had a very strong year and the group鈥檚 prospects are excellent. We have started the current year with trading ahead of the board鈥檚 expectations and we are confident of further success in 2007.鈥�

The group announced a 54.1% increase in full dividend for the year to 57.0p per share.